Veteran legislator MP Ahmad Al-Saadoun on Saturday asked Minister of Finance Mustafa Al-Shamali about the possible effect of the plan of shareholders at Zain Telecommunications Company to sell 46 percent of the company to a Malay-Indian consortium on the 24 percent share of Kuwait Investment Authority (KIA).
Inquiring if KIA knows details of what may be the biggest deal, worth $13.7 billion, in the history of the Kuwaiti bourse, Al-Saadoun said “we have been hearing contradicting statements about the issue.”  He pointed out a representative from Zain’s board of directors had earlier denied receiving any offer to buy shares from the company only to be followed later with an official announcement of the finalization of the deal as well as the identities of the buyers.
Indicating this reflects “Zain’s lack of transparency “, Al-Saadoun inquired what would be the impact of the deal on Kuwait Stock Exchange (KSE) and the national economy.  “Since KIA owns some shares in Zain, are any of its representatives aware of this deal?  Were they involved in the negotiations?” he asked.  He further inquired if the Cabinet has been briefed on the updates concerning this deal to ensure the safety of public funds and instruct related authorities to protect the rights of Zain shareholders.  
In another question, Al-Saadoun asked Minister of Interior Sheikh Jaber Al-Khaled about recent measures taken by his ministry to come up with root-level solutions to the perennial problems of Bedouns.  He demanded updates about the citizenship applications of Bedouns at the Higher Council for Citizenship in accordance with the previous statements issued by the government, which has vowed to come up with an apt solution to end the suffering of Bedouns.
Evaluation
India’s Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam are undertaking due diligence to buy a stake in Zain, the Indian ambassador to Kuwait said in remarks published on Saturday.
Last week, the two state-run firms said they had not decided on whether to join a consortium that is buying a 46 percent stake in Kuwaiti telecom Zain.
“MTNL and BSNL are always looking for investment opportunities overseas to expand their operations. As for buying a stake in Zain group, the evaluation and due diligence is ongoing,” ambassador Ajai Malhotra said, according to al-Qabas newspaper.
The Indian embassy could not be reached for comment on Saturday.
Family conglomerate Kharafi Group, a major shareholder in Zain, has said it would sell a 46 percent stake in Zain — comprising its estimated 20 percent holding plus that of other shareholders — in a deal that would be worth around $13.7 billion.
A consortium of Indian telecom companies and a Malaysian investor signed an agreement on Tuesday to buy the stake.
Kharafi Group’s vice president Badr Al-Kharafi said on Tuesday the consortium is led by India’s Vavasi Group and includes regional telecom companies BSNL and MTNL, and Malaysian billionaire Syed Mokhtar Al-Bukhary.

Arabtimes